At Hunt Mortgage Group we offer Bridge financing. Bridge loans are used for the purpose of “bridging” a gap between the time when a company’s loan ends and before more funding is needed. A bridge loan can also be referred to as a “caveat loan” or “swing loan”. Homeowners looking for a temporary solution between selling and buying a new home often use bridge loans. The bridge loan is secured to the buyer’s existing home. The funds from the bridge loan are then used as a down payment for the move-up home.
A bridge financing is used for a short-term loan. The time period is approximately 2 weeks to 3 years until companies can find a long-term option. Bridge financing can also be used for multi-family or commercial properties. Borrowers usually seek bridge financing when the borrower requires funding to complete the sale of their current property as well as prepare it to meet the required standards of a long-term loan. Often homeowners seek a bridge loan to avoid a contingent offer and make a move-up offer more appealing to a seller. In order to receive a bridge financing borrowers need to have a form of collateral such as a place of residence or inventory from a business.
Hunt Mortgage Group Offers Bridge Financing
Our financial experts can determine a bridge loan amount by assessing the purchase price of your new property, then subtracting the value of the mortgage and the initial deposit. The leftover amount is the sum that will then need to be financed until a sale is complete. Bridge loans rates are also determined by the borrowers credit factors.
As an industry leader backed by 40 years of experience including bridge financing, Hunt Mortgage Group can best advise each client’s financial needs. In order to best serve our clients Hunt has offices across the nation in cities including Austin, TX, Denver, CO, Charleston, SC, Tampa, FL, Chicago, IL, Irvine, CA among more. For more information regarding bridge financing, contact Hunt Mortgage Group today!
Los Angeles, CA
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San Rafael, CA
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This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. All information such as interest rates, taxes, insurance, etc. are estimates and should be used for comparison only. HMG does not guarantee any of the information obtained by this calculator. Please contact your HMG originator or servicer for more details.